Wyckoff Wave Still Searching For A Low.

The Wyckoff Wave closed last week lower once again, on low volume.

We were expecting a little more downside price action early into the week, which occurred.  But Thursday’s reversal to the upside got deeply retraced on Friday.  We are wanting the Wave to find support in this vicinity to keep the bull alive.

The Technometer is still around neutral, so we would be more comfortable here if it would get closer to oversold.    

The Technometer is neutral at 43.2.  

 

The Wave and OP are moving in unison.

 

WWN – The Wyckoff Wave New Index closed lower as well for the week, on continued low volume.   

We were also looking for a slight pullback here which occurred.   The Technometer is still at neutral so lets look for that to get a little closer to oversold, before calling and end to the correction.   

The Technometer is neutral at 44.8.  

 

The Wyckoff Wave Growth Index was down slightly for the week, on continued low volume.

We have been looking for lower, and the Technometer nearing oversold.  That finally occurred on Thursday as marked with the green dot.  Let’s see if Thursdays low can contain the selloff, and we can continue higher.  

Currently the Techometer is near oversold at 39.9.  

 

The SPY continued its selloff, on an increase in volume.

We was looking for a correction, and an oversold Technometer on Monday, which we got.   The SPY continued its selloff into Friday’s close.   Lets see early in the week, if we can hold near these lows, and turn higher.   

The Technometer has came off of deeply oversold, and now back to near neutral which is not bullish action.  Technometer is at 39.6.  

 

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The bond market was lower for the week once again.

I still expect the TLT to reenter its recent trading range. 

The Technometer is near oversold at 40.6.

 

The GDX traded the week lower, on a increase in volume.

We were expecting a low in the metals market, and we still think that could be happening.  It appears we could be looking at a spring at these levels.  We need further upside here, for that to be true.    

Technometer is oversold at 37.8.

The Wyckoff Wave Metal Index is in the same position as GDX, with a possible spring in progress.

The Technometer is near oversold at 42.3.

 

The long dollar ETF, UUP closed the week slightly higher once again, on average volume.

We are looking for a top in the Dollar, but our Technometer is still near neutral/oversold.  We would like that to come off those levels, to be able to get aggressive short.

The Technometer is neutral with a reading of 43.5.

 

Bitcoin has been trading sideways, while stocks have continued stair stepping lower.  This appears bullish, but we need stocks to make a low here. 

We wanted lower prices and an oversold Technometer which we got on the break to $19,650, which we recommended buying.   Action since then has been tepid.  

Our Technometer for Bitcoin is neutral at 44.0. 

 

IMPORTANT ANNOUNCEMENTS: 

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Click Here Our new “Pulse of The Market” charting software for Cryptocurrrencies is now showing consolidated volume from over 140+ exchanges.  This is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites, and will be launching for subscription in near future. 

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Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site, LearnCrypto.io   This course is being offered at an affordable $299.99.  We have had 1029 students enroll since its launch on June 22, 2017.    On June 28th, 2018 we added lessons detailing the OP, Force, and Technometer and how to use these Wyckoff Tools for analysis.

If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA Please subscribe and click the bell to be notified of our upcoming broadcasts.

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Good Trading,

Todd Butterfield

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